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I don't think China is a rising power. I think China is a reasscending power. And
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the reason I say that is if you go back to 1500 to now, over all of those years,
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China had the world's largest GDP 70% of those years. If you think about it in that context, especially as a Confucian
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society, I think the Chinese think about this as hold on, this is reasserting the
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dominance that we've always had. The other interesting thing which I learned studying China is how they allocate
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capital. The capital allocation system is both rigid but it's incredibly flexible. What do I mean? You have Xi
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Jinping and his close circle of people. They dictate the priorities. Right? Xi is personally right now helping to draft
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the 5-year business plan of China. But what happens is is it goes from that central group of like 7 8 nine people to
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the pala bureau. And when it gets approved by the pallet bureau, it gets sent to all the provinces and then it
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gets sent to the prefectures. So an example was in 2006 and 7 when they decided to prioritize EVs, what you
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effectively have is a cascading set of venture capitalists who are operating against a national priority and then
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they are rewarded for it. And so you essentially have 300 VCs running around organizing human capital in all of these
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different provinces against all of these different priorities. And at the end of
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that, you get a BYD or you get a Xiaomi or you get these great companies.